G7 agree fresh sanctions to make Russia ‘pay’ for Ukraine war

Hiroshima, Japan, May 19 (EFE).- The leaders of the G7 agreed on Friday to step up efforts to ensure “that Russia pays for the long-term reconstruction of Ukraine,” according to a joint statement on the first day of the summit in the Japanese city of Hiroshima.

“We remain united in imposing coordinated sanctions and other economic actions to further undermine Russia’s capacity to wage its illegal aggression,” the leaders of the world’s seventh wealthiest nations said, adding that they would continue “efforts to ensure that Russia pays for the long-term reconstruction of Ukraine.”

The new sanctions will “starve Russia of G7 technology, industrial equipment and services that support its war machine,” the statement said, using measures that will also include restrictions on exports of items that are “critical to Russia on the battlefield.”

G7 leaders said that the new measures would prevent Russia from circumventing existing sanctions, which includes working with third countries through which “restricted G7 goods, services, or technology may be provided to Russia.”

The statement added that the new sanctions sought to cut Moscow’s access to the international financial system and would also aim “to limit Russia’s energy revenue and future extractive capabilities, building on the measures we have taken so far, including export bans and the price cap for seaborne Russian-origin crude oil and refined oil products.”

The group of most industrialized democracies pledged their commitment to reducing reliance on Russian energy and other raw materials as well as targeting the income that Russia obtains from the diamond trade.

Three G7 member states — the United States, Canada and the United Kingdom — announced a fresh package of sanctions on Moscow, while Italy, Germany and France will soon announce a new agreed package via the European Union.

Japan also plans to expand its list of sanctioned companies and individuals targeting the construction and industrial manufacturing sectors.

A senior US official told reporters that 70 entities from Russia and third countries would be placed on a trade blacklist.

Washington will also slap sanctions on 300 individuals, companies, ships and planes that are helping Russia to evade Western restrictions over its invasion of Ukraine.

The UK said it was banning Russian diamonds and blocking copper, aluminum and nickel imports of Russian origin.

Downing Street said the new economic measures would target an additional 86 people and companies linked to Russia’s “military industrial complex” and “those involved in key revenue streams such as energy, metals, and shipping.”

Canada is also expected to announce new sanctions against 17 people and 18 Russian companies that provide the Kremlin with technology for military use as well as 30 people linked to human rights violations, a Canadian official told Canada’s state broadcaster.

In the six-page joint statement, G7 leaders said that “a just peace cannot be realized without the complete and unconditional withdrawal of Russian troops and military equipment, and this must be included in any call for peace.”

The G7 reaffirmed their commitment to Ukraine and president Volodymyr Zelenskyy, who will make an appearance at the G7 summit online, Ukraine’s presidential office confirmed on Friday.

“Our support for Ukraine will not waver. We will not tire in our commitment to mitigate the impact of Russia’s illegal actions on the rest of the world,” the G7 statement read. EFE


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